ForVEI adds 6.9MW in Italy
Solar infrastructure company ForVEI has acquired from Tirreno Power the 6.9MW Tirreno solar plant in the municipality of Sessa Aurunca in Italy.
ForVEI is a joint venture comprising VEI Green, CDC Infrastructure, Foresight Solar VCT, Quercus Renewable Energy and Adenium Solar Energy.
Foresight Group arranged the transaction and is in charge of managing the plant throughout its operating life, as well as ForVEI’s whole portfolio.
The plant started operations in April 2011, having been connected in two phases.
The initial 3.95MW section in December 2010, qualifying for the Second Conto Energia FiT of 0.346€/kWh and the second section in February 2011, under the Terzo Conto Energia FiT of 0.297 €/kWh, giving a weighted average FiT for the Plant of 0.3249 €/kWh.
Project financing of about €24m was provided by UBI Banca, supported by the European Investment Bank (EIB) as institutional lender in November 2010.
Juwi will continue as EPC and O&M contractor of the plant.
This acquisition follows ForVEI’s acquisition in June 2013 from Talesun of the 24MW Calabria solar plant, one of the 10 largest in Italy.
ForVEI has recently announced a doubling of its commitment to the Italian solar sector to €75 million and has a target of growing its portfolio to more than 100MW of solar assets in 2014.
Foresight Group partner and leader of Foresight’s Italian solar team Federico Giannandrea said: “We are very pleased to have completed the acquisition of Tirreno Solar to enhance further ForVEI’s portfolio of Solar PV Assets.
“Thanks to this acquisition, ForVEI now handles a portfolio of over 60MW with a medium average annual return in the teens.
“The successful completion of the acquisition shows continuing appetite for lenders in quality projects sponsored by high level investors.”
VEI Green managing director Enrico Orsenigo said: “The successful partnership in ForVEI proves the alignment of interests of the investors group that fuelled the recent decision of doubling the commitment to the joint venture for 2014.”
Image: ForVEI has recently doubled its commitment to Italian solar (sxc)